Adam Backclaims that the world’s first cryptocurrency is becoming more resilient due to its continued high institutional acceptance. Back, co-founder and CEO of Blockstream and the creator of Hashcash, told Forbes in an interview that Bitcoin is bootstrapped sufficiently in terms of institutional adoption, in part because of the US spot Bitcoin exchange-traded funds.
Now the ETFs mean that the issuing financial institutions are interested in expanding those products and keeping them in the market. So the banking or financial institutional lobby now wants that to be there. You’ve got some other allies, too. You’ve got the early stages of sovereign wealth funds and countries buying Bitcoin or Bitcoin-related products and instruments.
Bitcoin Maturity Lowers Regulatory Risks, Says Cryptographer Adam Back
The well-known cryptographer’s remarks were made soon after the cryptocurrency community commemorated the 16th anniversary of the Bitcoin white paper on October 31, the day that it was first shared with a list of cryptographers, including Back, by Bitcoin creator Satoshi Nakamoto. According to Back, the majority of the hazards associated with Bitcoin have diminished as it has grown in maturity.
I think that many initial risks around Bitcoin have receded because the original perception was that it was quite uncertain if a major country or an economic zone like Europe, China or the U.S. would ban Bitcoin. That created a lot of perceived regulatory risk. But I think at this point bitcoin is bootstrapped sufficiently.
Back
Back noted that there is still opportunity for innovation in the world’s first blockchain network, even though the technological dangers associated with Bitcoin have also decreased.
It’s still challenging to scale blockchains. They’re broadcast mechanisms and I think there’s still room for innovation and improvement about how to do that. Lightning is pretty reliable and nice for point-of-sale terminals and person-to-person payments, but there’s still room for improvement.
Back
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